USD at EQ Bank | EQ Bank | Discussion forum

I confirm it is possible to transfer US $ to/from a linked US account.

Heddie said
Update: I called EQ and it turns out EQ's Virtual Assistant is incorrect. They told me two way USD transfers are possible. Of course I will test this before before sending any large amounts.

My apologies for posting this thread before doing a full investigation (and for trusting the output of an AI!).

AI is not real intelligence and has no real understanding. Just a fancy natural language interface to a search engine. I got these in the same chat session:

Can I transfer USD from an EQ USD account directly to another Canadian Bank?

Thank you for your question! You can transfer funds from your EQ Bank US Dollar Account to a US dollar account held in another country using our International Money Transfer service, powered by Wise. However, EQ Bank does not support USD transfers directly to USD accounts at other Canadian banks, such as Simplii Financial. If you need more information on international money transfers, you can check out this article.

Can I transfer US$ from an EQ Bank US Dollar Account to an external linked US$ account?

Yes, you can transfer funds from your EQ Bank US Dollar Account to an externally linked USD account held at a Canadian financial institution. This allows you to move US dollars between your EQ Bank account and other USD accounts you may have. If you need more details on how to deposit or withdraw funds from your US Dollar Account, you can refer to the information provided in our knowledge base.

JohnnyCash said

Interesting, so it depends on how you ask the question.  

When one deals with money, one should not rely on a chatbot. Real world vs. artificial one.

As the bean counters continue to reduce payrolls, these moronbots will be increasingly difficult to avoid.

I'm glad someone created this thread b/c I have some USD cash and wanted to take advantage of the better rates at EQ Bank.

I would need to open a USD account but was concerned with being able to transfer USD cash to/from EQ Bank to another USD account at a FI within Canada and it looks like you can.

Then I wanted to get confirmation whether the $30,000 USD limit was a daily limit or not and here is what the answer was from the AI:

"Is the $30,000 USD the daily maximum allowed to withdraw with electronic funds transfer?

The $30,000 limit for Electronic Funds Transfers (EFT) from EQ Bank to another Canadian financial institution is per transaction, not a daily maximum. This means you can make multiple transactions in a day, each up to $30,000 USD, as long as each transaction does not exceed this amount. For more information, you can refer to the US Dollar Account Fees & Features page."

I'm quite happy with this, I think I will open an account soon.

Depends on how the US$ direct deposit is sent.

Yes, if the US$ direct deposit is sent through the Payments Canada USBE clearing system. No, if it sent through the ACH clearing system in the US.

Some Canadian banks, like the Royal Bank, own a US bank. Such banks can offer Canadian business clients the ability to send US$ items through the ACH clearing system in the US.

It is better to contact the trust to find out how it handles the US$ direct deposit. Some companies will notice the investor is a Canadian resident and convert the US$ to Canadian dollars before sending the dividend out. Good intentions but not helpful if the investor wishes to hold onto the dividend's original US$.